Barclays Plc. agreed to sell its Hamburg-based finance business to Austria's Bawag Group on Thursday, with the acquisition expected to conclude by the closing quarter of 2024 or early next year.
"The purchase of our franchise by BAWAG Group reiterates the successful business our teams have created in the German market over the past few decades," Barclays Consumer Bank Europe Chief Executive Officer Tobias Griese said.
Barclays Consumer Bank Europe is estimated to have held €4.7 billion in gross assets, comprising of card and load receivables, as of March 31. The deal is expected to represent a pretax profit contribution of over €100 million for the Bawag Group once the agreement is fully integrated.
